2003 Minnesota Statutes

     126C.52 Authority to borrow money; limitations. 

    Subdivision 1.    Borrowing authority.  The board of any 
 school district may borrow money upon negotiable tax 
 anticipation certificates of indebtedness, in the manner and 
 subject to the limitations set forth in sections 126C.50 to 
 126C.56, for the purpose of anticipating general taxes already 
 levied by the district for school purposes.  The aggregate of 
 the borrowing under this subdivision must never exceed 75 
 percent of the taxes which are due and payable in the calendar 
 year, and as to which taxes no penalty for nonpayment or 
 delinquency has attached.  In determining the amount of taxes 
 due and payable in the calendar year, any amounts paid by the 
 state to replace such taxes, whether paid in that calendar year 
 or not, must be included. 

    Subd. 2.    Limitations.  The board may also borrow 
 money in the manner and subject to the limitations set forth in 
 sections 126C.50 to 126C.56 in anticipation of receipt of state 
 aids for schools as defined in Minnesota Statutes and of federal 
 school aids to be distributed by or through the department.  The 
 aggregate of such borrowings under this subdivision shall never 
 exceed 75 percent of such aids which are receivable by said 
 school district in the school year (from July 1 to June 30) in 
 which the money is borrowed, as estimated and certified by the 
 commissioner. 

    HIST: 1963 c 371 s 3; 1981 c 1 s 5; 1982 c 642 s 18; 1993 c 
 224 art 1 s 5; 1Sp1995 c 3 art 16 s 13; 1998 c 397 art 7 s 
 84,164; art 11 s 3